Search This Blog



"THE ONLY THING NECESSARY FOR THE TRIUMPH OF EVIL IS FOR GOOD MEN TO DO NOTHING"
--Burke

Thursday, May 12, 2011

"Horizon Lines' empty bankruptcy threat brings US DOJ to its knees....similarly EPA opted to take [x] claim in Asarco's Bankruptcy case...."


"Google Alert - asarco
Horizon Lines' empty bankruptcy threat brings US DoJ to its knees ...
Financial Times
Similarly, the EPA opted to take a USD 1.7bn repayment on its USD 6.5bn environmental remediation claim in Asarco's bankruptcy case. ...
"

http://www.ft.com/cms/s/2/4f212e9c-7c6b-11e0-b9e3-00144feabdc0.html#ixzz1M7sbEKBu

"...The DoJ’s value give-up in Horizon mirrors the compromise the Environmental Protection Agency (EPA), a secured creditor, cut with unsecured hedge fund creditors in chemical company Tronox last year....

Rather than battle bondholders for more cash, the EPA agreed to take massive losses on its structurally senior claims. The Oklahoma-based company’s unsecured bondholders walked away with equity worth more than double the face value of their bond claims, while the EPA was left with a 30% recovery.

Similarly.... [the ASARCO] Arizona, US-based copper miner’s bondholders received 100% recovery on their claims, as well as accrued interest, when the company emerged from Chapter 11 in December 2009, while the sponsor, Grupo Mexico, continued to own its assets....""


No comments: